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Set off and carry forward

This query is : Resolved 
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(Querist)
27 July 2013 Current Year

Loss from House property- Rs. 50,000/-
Income from capital gain- Rs. 40,000/-

Previous year loss-

Loss from sale of capital asset- Rs.20,000/-

Solution= Loss from House Property of Rs. 40,000/- will be set off against income from capital gain.

Loss from sale of capital asset of Rs. 20,000/- will be carried forward

Loss from House property of Rs. 10,000/- will be carried forward.

Please guide me- the above solution is correct.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
27 July 2013 Yes the above solution is correct.
First you have to set off current year's losses against the current income and you did the same.
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